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Google has disclosed an awesome teaser video for Google Wallet featuring George Costanza last week which implicates that Google Wallet may be releasing tomorrow. It will be a sleepless night for Google Wallet’s rivals.

With the release of "Google Wallet", the search giant became the first one to go into the future where smartphone could be used as credit cards. It is said that Apple, Amazon.com and Facebook are also making their way to come up with similar services. It is no doubt that Google has been the first player and no wonder then that the rivals wanted to cut the journey short.

Google has disclosed an awesome teaser video for Google Wallet featuring George Costanza last week which implicates that Google Wallet may be releasing tomorrow. It will be a sleepless night for Google Wallet’s rivals. Google unveiled Google Wallet and Offers in May this year and stated that field trials for Wallet would begin immediately. Google Wallet is a mobile app that stores your credit cards, offers, loyalty and gift card which will work with Android-powered phones like Google's Nexus S equipped with NFC chips, serviced by US telecom Sprint and only at merchants that have partnered with Google for the launch. MasterCard has been the only official partner on the credit card side of things so far. Google partners on the mobile payment platform include major chains such as Macy's, Subway sandwiches, and American Eagle Outfitters clothing shops.

As Google’s great deal, a massive of big giants like Mater Card, Citi, Sprint and First Data have invested in this open platform software. It is a great way of encouraging discounts, promotions and loyalty rewards. Customers are very exited about this new feature, but apparently the one who is the most upset is PayPal. PayPal are suing Google Wallet`s project leader for unveiling confidential information to Google about the development of the NFC mobile payment system. If this goes on, Google Wallet`s first transaction may be to PayPal. Currently, Ebay-owned PayPal the online payment service, has been working on its new mobile payment technology, which will rival Google's Mobile Wallet. PayPal promises its new payment technology will be a "one-stop shop" for merchants to engage with consumers at all the stages of their shopping cycle and will give consumers a much better shopping and buying experience. Its new payment technology will feature location-based offers, make payments accessible from any device, has integrated local search and loyalty and reward features.

When Google Wallet debuts. Credit card giant Visa and Google are likely to be among the first to face off in the market as they each try to convince consumers to ditch their real wallets for ones that store credit cards and other information on their smartphones. However, both companies profess that their respective digital wallets will be “open,” which means that they will finally work with any credit card. And second, the companies also see big opportunity in leveraging the digital wallet to promote location-based advertising through offers programs. While Visa will continue to generate revenue through traditional transaction fees it charges merchants when consumers use the digital wallet in stores, it will also add an advertising element that will enable the digital wallet to help merchants push new offers to customers based on where they made their last purchase. Via: Brothersoft News